Port Elgin Real Estate, Southampton (Saugeen Shores), Paisley, Tiverton, & Kincardine
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Port Elgin and Area Real Estate News
Updates on the Port Elgin, Southampton (Saugeen Shores), Paisley, Tiverton, & Kincardine real estate market, home buyer & seller tips and general real estate advice.
Sales subdued but prices picking up amid low inventory.
Residential sales activity in the geographical area covered by the REALTORS® Association of Grey Bruce Owen Sound totaled 259 units in April 2019.
This was a decrease of 18.6% from a very strong April in 2018 but stood close to the 10-year average for the month.
On a year-to-date basis, home sales totaled 680 units over the first four months of the year, a decrease of 13.6% from the same period in 2018.
The average price of homes sold in April 2019 was $384,580, up 9.8% from April 2018. Aside from an aberrant reading in August 2018, this was the highest average price on record in the region. The more comprehensive year-to-date average price was $365,698, up 8.4% from the first four months of 2018.
New residential listings in the region numbered 409 units in April 2019, up 5.7% on a year-over-year basis. Even so, this was still below every other April on record with the exception of 1988. Overall supply remains near record lows but is beginning to edge slightly higher. Active residential listings numbered 805 units at the end of April, up 7.8% from the end of April 2018.
Months of inventory numbered 3.1 at the end of April 2019, up from the 2.3 months recorded at the end of April 2018 but below the long-run average of 8.9 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
The dollar value of all home sales in April 2019 was $99.6 million, decreasing by 10.6% from the same month in 2018. Sales of all property types numbered 357 units in April 2019, down 8% from April 2018. The total value of all properties sold was $134.4 million, edging 2% lower compared to April 2018.
Not ready to sell your home? You could always rent it out instead!
Opportunities usually come out of the blue. For instance, there might be a temporary work contract that forces you to relocate.
Or perhaps a strong buyer’s market means it’s a great time to buy, but you don’t want to be forced to sell your current home at a loss.
Renting your home might be an option but there are lots of things to consider. For starters, you’ll want to conduct an in-depth financial analysis. Here are a few other things to keep in mind if you’re thinking about renting out your home:
- Step Away – Being a landlord isn’t always easy. You’ll need to detach yourself emotionally from your old home.
- Tax Talk – There may be tax implications, so contact your tax advisor as rules can vary depending on individual circumstances.
- Money Matters – Make sure to have a bit of extra money on hand in case the rent doesn’t cover your mortgage, taxes, utilities, insurance, etc.
- Playing the Market – You may be able to increase your equity as the market gains strength, but if it tanks, you could end up on the losing end.
- Be Prepared – The future’s uncertain so always be prepared for unexpected repairs or if your tenant suddenly falls behind on their rent.
- Raucous Renters – Tenants aren’t likely to treat your home with the same level of care as you once did so when it comes time to sell, your home may need some work.
As with any decision, it’s important to weight the pros and cons. If done right, renting can be one of the best financial decisions you ever make but you’ll need to treat it like a business, so evaluate the rental market and research landlord/tenant laws before moving forward.
If, on the other hand, you decide to put your home on the market, make sure you have a professional real estate agent to help advise you on how to sell your home quickly and for top dollar. Please don’t hesitate to reach out if you have any questions regarding this decision, or any other real estate related matters.
It’s time to haul your bike out of storage and give it a tune-up!
Riding a bike is a great way to get around Port Elgin as it’s environmentally friendly and a great form of exercise.
There’s no need for gas, insurance premiums, parking fees, etc. and best of all, it makes you feel like a kid again!
Whether you use your bike to get to work or you’re looking forward to hitting the trails, you’ll want to make sure your bike’s safe and reliable. Here are a few points to keep in mind:
- Get in Gear – Make sure your gears shift smoothly.
- Chain Reaction – Clean your chain before applying oil.
- Sick and Tired – Check your tread and the tire pressure.
- Pump the Brakes – Inspect your brakes for excessive wear and adjust your cables.
If you don’t feel comfortable tuning up your bike, take it to a local bike shop. It’s well worth it as regular maintenance will extend the life of your bike and it’ll also make riding much more enjoyable. Once you get your bike in tip-top shape, make sure you have a strong lock, a good helmet and a bright light!
Create a garden space at your Port Elgin home that’ll bring you health and relaxation!
It’s that fresh new time of year when many of us step outside, roll up our sleeves and bring our gardens back to life! Here are a few ideas to help inspire you this spring:
- Grow Local – Flowers, shrubs and grasses that are native to your area are easy to maintain and also provide a natural habitat for birds, pollinators and insects.
- Sky High – Vertical gardening is popular, especially for those with small spaces. All you need is a wall, fence or trellis to grow edibles, annuals and perennials. The sky’s the limit!
- Foodscaping – Instead of traditional vegetable patches, backyards are being transformed into edible landscapes that include vegetables, berries, fruits and herbs.
- Flower Power – Edible flowers such as red clover, bee balm, daylilies and borage are also surging in popularity as they look beautiful and taste even better!
- Child’s Play – It’s important to limit screen time and get kids back into nature so parents are encouraging their children to develop an appreciation for gardening.
The new generation of gardeners are interested in supporting the environment and growing their own food, which is slowly starting to change the way we live and eat. Gardening is also the perfect excuse to switch off your device and get in touch with mother nature!